hiSEALS is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the Sappy Seals NFTs (Non-Fungible Tokens). One hiSEALS token represents 1/1,000,000 Sappy Seals in an on-chain Sappy Seals Meta-swap pool operating automatically on the Fracton Protocol's smart contracts. No one has the authority to control them, and it's also permissionless for users to redeem Sappy Seals NFTs from hiSEALS tokens with only a 0.6% redemption fee.

hiSEALS is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum's state machine.